Quadracci J Joel 4

What Happened
J. Joel Quadracci, Chairman & CEO (and a director) of Quad/Graphics, had 176,536 shares withheld to satisfy tax withholding obligations related to the vesting of previously issued restricted stock. The withholding was recorded on 2026-03-01 at an effective price of $6.91 per share, for a total value of approximately $1,219,864. This was a tax-withholding disposition (code F), not an open-market sale signaling a change in sentiment.

Key Details

• Transaction date: 2026-03-01; reported on Form 4 filed 2026-03-03 (appears filed within the standard 2-business-day window).
• Shares withheld/disposed: 176,536 at $6.91 per share; total ≈ $1,219,864.
• Transaction code: F — shares withheld to pay tax liability upon vesting of restricted stock (cashless withholding).
• Shares owned after transaction: not specified in the excerpt provided.
• Relevant footnotes: F1 confirms withholding to pay taxes on vested restricted stock. F3 notes Class B common stock converts 1-for-1 to Class A; F4–F8 relate to certain trust holdings/disclaimer of beneficial ownership.

Context
Tax-withholding dispositions are routine administrative actions when restricted stock vests and should not be read as an intentional sale of shares on the open market. The shares were retained by the company (or withheld) to cover taxes rather than sold by the insider into the market.